Word: yens
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...kiosk will not be its own familiar site in the Square during the construction period. In stead, passengers will stop in front of the Yen Ching chinese restaurant on Mass Ave, and descend into the subway in front of Holyoke Center. Another stop at the Kennedy School of Government will also include buses, and word has it that the new occupants of this building are not exactly looking forward to the location of the temporary stop...
Potentially more important, the dollar has become grossly undervalued in terms of its purchasing power vs. that of other currencies, with the possible exception of the Japanese yen. One example: $100, when converted into German marks or Swiss francs, will rent a 'first-class hotel room for a night in Frankfurt or Geneva. In New York City a comparable room in a high-priced hotel costs about $70. In a rational market, the dollar might be expected to rise to reflect its purchasing power more closely...
...trouble is that anyone waiting for rationality in the foreign-exchange and gold markets may have to wait a very long time. Last week's trading was an example: though there was no special news to drive the dollar down, it sank to record lows against the yen, mark and Swiss franc, and also declined against the British pound, which bobbed briefly over $2 for the first time since 1976. Despite the later rally, at week's end the dollar had registered these drops just since mid-July: 7% against the yen, 3.5% against the mark, 10.5% against...
...sign of loss of faith in the dollar is the wild gold rush that shoved the price of that indestructible metal to a close of $208.50 an ounce last week-up 25% so far this year. The boom has been primarily a dollar phenomenon. The price of gold in yen or marks has changed only slightly. But from Hong Kong to London, gold markets that once were the preserve of diehard fundamentalists are crawling with investors-corporate treasurers, money managers, individual speculators-eager to turn dollars into the metal that has always been a mystical symbol of value...
Washington's reaction to last week's sell-off was ho hum, with officials arguing that it was not as bad as the confusion that gripped international money markets between October and April. Said one high U.S. economic policymaker: "The right yen-dollar relationship has never been found"; and he predicted that the dollar could go to 180 yen before Japanese exports would be adversely affected...